Genesco Reports Fourth Quarter Fiscal 2016 Results

11 Mar, 2016, 06:57 ET from Genesco Inc.

NASHVILLE, Tenn., March 11, 2016 /PRNewswire/ -- Genesco Inc. (NYSE: GCO) today reported earnings from continuing operations for the fourth quarter ended January 30, 2016, of $46.7 million, or $2.15 per diluted share, compared to earnings from continuing operations of $51.8 million, or $2.18 per diluted share, for the fourth quarter ended January 31, 2015.  Fiscal 2016 fourth quarter results reflect a pretax gain of $3.4 million, or $0.04 per diluted share after tax, including a gain on the sale of Lids Team Sports of $7.3 million, partially offset by $3.9 million of asset impairment charges, asset write-downs and network intrusion expenses.  Fiscal 2015 fourth quarter results reflect pretax items of $1.9 million, or $0.12 per diluted share after tax, including $1.0 million related to deferred purchase price payments in connection with the acquisition of Schuh Group Limited and $0.9 million in network intrusion expenses and asset impairment charges.

Adjusted for the items described above in both periods, earnings from continuing operations were $45.8 million, or $2.11 per diluted share, for the fourth quarter of Fiscal 2016, compared to earnings from continuing operations of $54.7 million, or $2.30 per diluted share, for the fourth quarter of Fiscal 2015.  For consistency with Fiscal 2016's previously announced earnings expectations and with previously reported adjusted results for the prior year period, the Company believes that the disclosure of the results from continuing operations adjusted for these items will be useful to investors. A reconciliation of earnings and earnings per share from continuing operations in accordance with U.S. Generally Accepted Accounting Principles with the adjusted earnings and earnings per share numbers presented in this paragraph is set forth on Schedule B to this press release.

Net sales for the fourth quarter of Fiscal 2016 increased 4.4% to $932 million from $893 million in the fourth quarter of Fiscal 2015.  Consolidated fourth quarter 2016 comparable sales, including same store sales and comparable e-commerce and catalog sales, increased 4%, with a 5% increase in the Journeys Group, a 3% increase in the Lids Sports Group, a 2% decrease in the Schuh Group, and a 6% increase in the Johnston & Murphy Group. Comparable sales for the Company reflected a 2% increase in same store sales and a 21% increase in e-commerce sales.

The Company also reported net sales for the year ended January 30, 2016, of $3.0 billion, an increase of 5.7% from net sales of $2.9 billion for the year ended January 31, 2015.  Earnings from continuing operations for Fiscal 2016 were $97.1 million, or $4.22 per diluted share, compared to earnings from continuing operations of $99.4 million, or $4.19 per diluted share, for Fiscal 2015. Fiscal 2016 earnings reflect after-tax charges of $0.07 per diluted share, including $9.4 million in asset impairments, asset write-downs, network intrusion expenses, compensation expense associated with the Schuh deferred purchase price, and other legal matters, partially offset by a $7.3 million gain on the sale of Lids Team Sports.  Fiscal 2015 earnings reflect after-tax charges of $0.55 per diluted share, including, an indemnification asset write-off, network intrusion-related expenses, compensation expense associated with the Schuh deferred purchase price, effects of the change in accounting for deferred bonuses under the EVA incentive plan, asset impairments, and other legal matters, partially offset by a gain on a lease termination.

Adjusted for the listed items in both years, earnings from continuing operations were $98.6 million, or $4.29 per diluted share, for Fiscal 2016, compared to earnings from continuing operations of $112.3 million, or $4.74 per diluted share, for Fiscal 2015. For consistency with previously announced earnings expectations, which did not reflect the listed items, the Company believes that disclosure of earnings from continuing operations adjusted for those items will be useful to investors. A reconciliation of the adjusted financial measures to their corresponding measures as reported pursuant to U.S. Generally Accepted Accounting Principles is included in Schedule B to this press release.

The Company repurchased a total of 2.4 million shares of common stock in Fiscal 2016 at a total cost of $145 million and an average price of $60.79 per share.  These purchases included 251,000 shares repurchased in the fourth quarter at a total cost of $16 million and an average price of $63.24.  Through March 4, 2016, the Company had repurchased 480,500 shares at a total cost of $31 million and an average price of $64.40 in the first quarter of Fiscal 2017.

Robert J. Dennis, chairman, president and chief executive officer of Genesco, said, "Fourth quarter earnings came in just below our guidance range as a result of gross margin pressure related to our decision to make a final, aggressive push to complete our year-long program to right-size inventory in the Lids Sports Group and similarly aggressive efforts to clear inventory after a slow Holiday selling season at Schuh. Additionally, a later start to IRS tax refunds than in the previous year reduced comparable sales at the end of the quarter.  While we are disappointed with our overall results, we are encouraged by the strong performance of Journeys and Johnston & Murphy and the work we've done to prepare the Company for sustained, profitable growth going forward.

"Comparable sales for the first quarter through March 5, 2016 increased 3% from the same period last year, reflecting in part the impact on early February sales from the delay in receipt of income tax refunds by customers, and recovery later in the month as tax refunds began.

"Based on the projected margin recovery at Lids Sports Group combined with modest overall comparable sales growth, we expect adjusted diluted earnings per share for the fiscal year ending January 28, 2017, in the range of $4.80 to $4.90, which represents a 12% to 14% increase over Fiscal 2016's adjusted earnings per share of $4.29. These expectations do not include expected non-cash asset impairments and other charges, estimated in the range of $6.3 million to $6.8 million pretax, or $0.19 to $0.20 per share after tax, for the full fiscal year.  This guidance assumes comparable sales increases in the 1% to 2% range for the full year." A reconciliation of the adjusted financial measures cited in the guidance to their corresponding measures as reported pursuant to U.S. Generally Accepted Accounting Principles is included in Schedule B to this press release.

Dennis concluded, "We begin Fiscal 2017 in a solid position to execute our long-term strategic plans. We look forward to realizing some of the benefits of last year's hard work in the new fiscal year."

Conference Call and Management Commentary

The Company has posted detailed financial commentary in writing on its website, www.genesco.com, in the investor relations section. The Company's live conference call on March 11, 2016 at 7:30 a.m. (Central time), may be accessed through the Company's internet website, www.genesco.com. To listen live, please go to the website at least 15 minutes early to register, download and install any necessary software.

Cautionary Note Concerning Forward-Looking Statements

This release contains forward-looking statements, including those regarding the performance outlook for the Company and its individual businesses (including, without limitation, sales, expenses, margins and earnings) and all other statements not addressing solely historical facts or present conditions. Actual results could vary materially from the expectations reflected in these statements. A number of factors could cause differences.  These include adjustments to estimates reflected in forward-looking statements, including the level and timing of promotional activity necessary to maintain inventories at appropriate levels;  the timing and amount of non-cash asset impairments related to retail store fixed assets and intangible assets of acquired businesses; the effectiveness of the Company's omnichannel initiatives; weakness in the consumer economy and retail industry; competition in the Company's markets; fashion trends that affect the sales or product margins of the Company's retail product offerings; changes in buying patterns by significant wholesale customers; bankruptcies or deterioration in financial condition of significant wholesale customers or the inability of wholesale customers or consumers to obtain credit; disruptions in product supply or distribution; unfavorable trends in fuel costs, foreign exchange rates, foreign labor and material costs, and other factors affecting the cost of products; the Company's ability to continue to complete and integrate acquisitions, expand its business and diversify its product base; changes in the timing of holidays or in the onset of seasonal weather affecting period-to-period sales comparisons; and the performance of athletic teams, the participants in major sporting events such as the Super Bowl and World Series, developments with respect to certain individual athletes, and other sports-related events or changes that may affect period-to-period comparisons in the Company's Lids Sports Group retail business. Additional factors that could affect the Company's prospects and cause differences from expectations include the ability to build, open, staff and support additional retail stores and to renew leases in existing stores and control occupancy costs, and to conduct required remodeling or refurbishment on schedule and at expected expense levels; deterioration in the performance of individual businesses or of the Company's market value relative to its book value, resulting in impairments of fixed assets or intangible assets or other adverse financial consequences; unexpected changes to the market for the Company's shares; variations from expected pension-related charges caused by conditions in the financial markets; and the cost and outcome of litigation, investigations and environmental matters involving the Company. Additional factors are cited in the "Risk Factors," "Legal Proceedings" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of, and elsewhere in, our SEC filings, copies of which may be obtained from the SEC website, www.sec.gov, or by contacting the investor relations department of Genesco via our website, www.genesco.com. Many of the factors that will determine the outcome of the subject matter of this release are beyond Genesco's ability to control or predict. Genesco undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Forward-looking statements reflect the expectations of the Company at the time they are made. The Company disclaims any obligation to update such statements.

About Genesco Inc. Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear, sports apparel and accessories in more than 2,850 retail stores and leased departments throughout the U.S., Canada, the United Kingdom, the Republic of Ireland and Germany, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Schuh, Schuh Kids, Little Burgundy, Lids, Locker Room by Lids, Lids Clubhouse, Johnston & Murphy, and on internet websites www.journeys.com, www.journeyskidz.com, www.shibyjourneys.com, www.schuh.co.uk, www.littleburgundyshoes.com, www.johnstonmurphy.com, www.lids.com, www.lids.ca, www.lidslockerroom.com, www.lidsclubhouse.com, http://shop.neweracap.com/ , www.trask.com, www.suregripfootwear.com  and www.dockersshoes.com.  The Company's Lids Sports Group division operates the Lids headwear stores, the Locker Room by Lids and other team sports fan shops and single team clubhouse stores.   In addition, Genesco sells wholesale footwear under its Johnston & Murphy brand, the Trask brand, the licensed Dockers brand, G.H. Bass, SureGrip, and other brands. For more information on Genesco and its operating divisions, please visit www.genesco.com.

GENESCO INC.

Consolidated Earnings Summary

 

Fourth Quarter

 

Fiscal Year Ended

Jan. 30,

Jan. 31,

Jan. 30,

Jan. 31,

In Thousands

2016

2015

2016

2015

Net sales

$  932,214

$  892,630

$ 3,022,234

$  2,859,844

Cost of sales

509,058

468,397

1,578,768

1,459,433

Selling and administrative expenses*

348,782

336,395

1,284,322

1,230,864

Asset impairments and other, net

3,923

934

7,893

2,281

Earnings from operations

70,451

86,904

151,251

167,266

Gain on sale of Lids Team Sports

(7,331)

-

(7,331)

-

Indemnification asset write-off

-

-

-

7,050

Interest expense, net

1,500

853

4,403

3,227

Earnings from continuing operations

    before income taxes

76,282

86,051

154,179

156,989

Income tax expense

29,538

34,294

57,042

57,616

Earnings from continuing operations

46,744

51,757

97,137

99,373

Provision for discontinued operations**

(324)

(1,361)

(812)

(1,648)

Net Earnings 

$    46,420

$    50,396

$       96,325

$        97,725

*

Includes $0.0 million and $1.5 million in deferred payments related to the Schuh acquisition in the fourth quarter and fiscal

year ended January 30, 2016, respectively, and $1.0 million and $7.3 million in the fourth quarter and fiscal year ended January 31, 2015, respectively.

**

Lids Team Sports does not qualify as a discontinued operation.

 

 

Earnings Per Share Information

Fourth Quarter

Fiscal Year Ended

Jan. 30,

Jan. 31,

Jan. 30,

Jan. 31,

In Thousands (except per share amounts)

2016

2015

2016

2015

Average common shares - Basic EPS

21,595

23,563

22,880

23,507

Basic earnings per share:

     Before discontinued operations

$2.16

$2.20

$4.25

$4.23

     Net earnings 

$2.15

$2.14

$4.21

$4.16

Average common and common

    equivalent shares - Diluted EPS

21,693

23,759

23,000

23,708

Diluted earnings per share:

     Before discontinued operations

$2.15

$2.18

$4.22

$4.19

     Net earnings 

$2.14

$2.12

$4.19

$4.12

 

 

GENESCO INC.

Consolidated Earnings Summary

 

Fourth Quarter

 

Fiscal Year Ended

Jan. 30,

Jan. 31,

Jan. 30,

Jan. 31,

In Thousands

2016

2015

2016

2015

Sales:

    Journeys Group

$  403,832

$  376,734

$ 1,251,637

$  1,179,476

    Schuh Group

122,264

123,942

405,674

406,947

    Lids Sports Group

299,990

294,040

975,504

902,661

    Johnston & Murphy Group

81,081

75,318

278,681

259,675

    Licensed Brands

24,708

22,380

109,826

110,115

    Corporate and Other

339

216

912

970

    Net Sales

$  932,214

$  892,630

$ 3,022,234

$  2,859,844

Operating Income (Loss):

    Journeys Group

$    53,654

$    53,240

$    126,248

$      114,784

    Schuh Group (1)

8,244

11,499

19,124

10,110

    Lids Sports Group

10,140

23,753

17,040

48,970

    Johnston & Murphy Group

8,301

6,279

17,761

14,856

    Licensed Brands

1,710

1,983

9,236

10,459

    Corporate and Other (2)

(11,598)

(9,850)

(38,158)

(31,913)

   Earnings from operations

70,451

86,904

151,251

167,266

   Indemnification asset write-off

-

-

-

7,050

   Gain on sale of Lids Team Sports

(7,331)

-

(7,331)

-

   Interest, net

1,500

853

4,403

3,227

Earnings from continuing operations

    before income taxes

76,282

86,051

154,179

156,989

Income tax expense

29,538

34,294

57,042

57,616

Earnings from continuing operations

46,744

51,757

97,137

99,373

Provision for discontinued operations (3)

(324)

(1,361)

(812)

(1,648)

Net Earnings 

$    46,420

$    50,396

$       96,325

$        97,725

(1) Includes $0.0 million and $1.5 million in deferred payments related to the Schuh acquisition in the fourth quarter and

fiscal year ended January 30, 2016, respectively, and $1.0 million and $7.3 million for the fourth quarter and fiscal year

ended January 31, 2015, respectively.

(2) Includes a $3.9 million charge in the fourth quarter of Fiscal 2016 which includes $2.5 million for asset write-downs,

$1.3 million for asset impairments and $0.1 million for network intrusion expenses.  Includes a $7.9 million charge for 

Fiscal 2016 which includes $3.1 million for asset impairments, $2.5 million for asset write-downs, $2.2 million for  

network intrusion expenses and $0.1 million for other legal matters. Includes a $1.0 million charge in the fourth quarter  

of Fiscal 2015 which includes $0.7 million for network intrusion expenses and $0.3 million for asset impairments.  Includes

a $2.3 million charge for Fiscal 2015 which includes $3.1 million for network intrusion expenses, $1.9 million for asset 

impairments and $0.6 million for other legal matters, partially offset by a $3.3 million gain on a lease termination.

(3) Lids Team Sports does not qualify as a discontinued operation.

 

 

GENESCO INC.

Consolidated Balance Sheet

Jan. 30,

Jan. 31,

In Thousands

2016

2015

Assets

Cash and cash equivalents

$    133,288

$      112,867

Accounts receivable

47,820

55,263

Inventories

530,565

598,145

Other current assets

89,033

81,383

Total current assets

800,706

847,658

Property and equipment

323,328

305,752

Goodwill and other intangibles

371,694

390,713

Other non-current assets

46,374

38,964

Total Assets

$ 1,542,102

$  1,583,087

Liabilities and  Equity

Accounts payable

$    155,049

$      176,307

Current portion long-term debt

14,182

13,152

Other current liabilities

153,249

216,457

Total current liabilities

322,480

405,916

Long-term debt

97,876

16,003

Pension liability

9,957

22,184

Deferred rent and other long-term liabilities

153,250

140,207

Equity

958,539

998,777

Total Liabilities and Equity

$ 1,542,102

$  1,583,087

 

 

GENESCO INC.

Retail Units Operated - Twelve Months Ended January 30, 2016

Balance

Acquisi-

Balance

Acquisi-

Balance

02/01/14

tions

Open

Close

01/31/15

tions

Open

Close

01/30/16

Journeys Group

1,168

0

34

20

1,182

37

29

26

1,222

    Journeys

827

0

16

9

834

0

13

5

842

    Underground by Journeys

117

0

0

7

110

0

0

12

98

    Journeys Kidz

174

0

18

3

189

0

16

5

200

    Shi by Journeys

50

0

0

1

49

0

0

3

46

    Little Burgundy

0

0

0

0

0

37

0

1

36

Schuh Group

99

0

13

4

108

0

17

0

125

     Schuh UK

90

0

12

4

98

0

15

0

113

     Schuh Germany

0

0

0

0

0

0

2

0

2

     Schuh ROI

9

0

1

0

10

0

0

0

10

Lids Sports Group*

1,133

56

218

43

1,364

0

27

59

1,332

Johnston & Murphy Group

168

0

8

6

170

0

8

5

173

    Shops

106

0

3

4

105

0

3

5

103

    Factory Outlets

62

0

5

2

65

0

5

0

70

Total Retail Units

2,568

56

273

73

2,824

37

81

90

2,852

 

 

Retail Units Operated - Three Months Ended January 30, 2016

Balance

Acquisi-

Balance

10/31/15

tions

Open

Close

01/30/16

Journeys Group

1,179

37

9

3

1,222

    Journeys

838

0

4

0

842

    Underground by Journeys

100

0

0

2

98

    Journeys Kidz

195

0

5

0

200

    Shi by Journeys

46

0

0

0

46

    Little Burgundy

0

37

0

1

36

Schuh Group

117

0

8

0

125

     Schuh UK

106

0

7

0

113

     Schuh Germany

1

0

1

0

2

     Schuh ROI

10

0

0

0

10

Lids Sports Group*

1,347

0

3

18

1,332

Johnston & Murphy Group

174

0

1

2

173

    Shops

105

0

0

2

103

    Factory Outlets

69

0

1

0

70

Total Retail Units

2,817

37

21

23

2,852

* Includes 185, 190 and 26 Locker Room by Lids in Macy's stores as of January 30, 2016, January 31, 2015 and February 1, 2014, respectively.

 

Comparable Sales (including same store and comparable direct sales)

Fourth Quarter Ended

Fiscal Year Ended

Jan. 30,

Jan. 31,

Jan. 30,

Jan. 31,

2016

2015

2016

2015

Journeys Group

5%

16%

5%

8%

Schuh Group

-2%

3%

3%

1%

Lids Sports Group

3%

7%

6%

2%

Johnston & Murphy Group

6%

2%

6%

1%

Total Comparable Sales

4%

10%

5%

4%

 

Schedule B

Genesco Inc.

Adjustments to Reported Earnings from Continuing Operations

Three Months Ended January 30, 2016 and January 31, 2015

 Fourth 

 Impact on 

 Fourth 

 Impact on 

 Quarter 

  Diluted 

 Quarter 

  Diluted 

In Thousands (except per share amounts)

 Jan 2016 

 EPS 

 Jan 2015 

 EPS 

Earnings from continuing operations, as reported

$     46,744

$        2.15

$      51,757

$   2.18

Adjustments:  (1)

Impairment charges

846

0.04

162

-

Deferred payment - Schuh acquisition

-

-

965

0.04

Gain on lease termination

-

-

(14)

-

Asset write-down

1,564

0.07

-

-

Gain on sale of Lids Team Sports

(4,633)

(0.21)

-

-

Network intrusion expenses

59

-

420

0.02

Higher (lower) effective tax rate

1,206

0.06

1,434

0.06

Adjusted earnings from continuing operations (2)

$     45,786

$        2.11

$      54,724

$   2.30

(1) All adjustments are net of tax where applicable.  The tax rate for the fourth quarter of Fiscal 2016 is 37.1% excluding a 

    FIN 48 discrete item of less than $0.1 million.  The tax rate for the fourth quarter of Fiscal 2015 is 37.7% excluding a 

    FIN 48 discrete item of less than $0.1 million.  

(2) EPS reflects 21.7 million and 23.8 million share count for Fiscal 2016 and 2015, respectively, which includes common 

     stock equivalents in both years.

The Company believes that disclosure of earnings and earnings per share from continuing operations adjusted

for the items not reflected in the previously announced expectations will be meaningful to investors, especially

in light of the impact of such items on the results.

 

 

Genesco Inc.

Adjustments to Reported Operating Income 

Three Months Ended January 30, 2016 and January 31, 2015

 Three Months Ended January 30, 2016 

 Operating 

Adj Operating

In Thousands 

 Income 

 Other Adj 

Income

Journeys Group

$     53,654

$           -

$      53,654

Schuh Group

8,244

-

8,244

Lids Sports Group

10,140

-

10,140

Johnston & Murphy Group

8,301

-

8,301

Licensed Brands

1,710

-

1,710

Corporate and Other

(11,598)

3,923

(7,675)

Total Operating Income

$     70,451

$      3,923

$      74,374

 Three Months Ended January 31, 2015 

 Operating 

Adj Operating

In Thousands 

 Income 

 Other Adj 

Income

Journeys Group

$     53,240

$           -

$      53,240

Schuh Group*

11,499

965

12,464

Lids Sports Group

23,753

-

23,753

Johnston & Murphy Group

6,279

-

6,279

Licensed Brands

1,983

-

1,983

Corporate and Other

(9,850)

934

(8,916)

Total Operating Income

$     86,904

$      1,899

$      88,803

*Schuh Group adjustments include $1.0 million in deferred purchase price payments.

 

 

Genesco Inc.

Adjustments to Reported Earnings from Continuing Operations

Twelve Months Ended January 30, 2016 and January 31, 2015

 Impact on 

 Impact on 

 12 Mos 

  Diluted 

 12 Mos 

  Diluted 

In Thousands (except per share amounts)

 Jan 2016 

 EPS 

 Jan 2015 

 EPS 

Earnings from continuing operations, as reported

$     97,137

$        4.22

$        99,373

$   4.19

Adjustments:  (1)

Impairment charges

1,975

0.09

1,185

0.05

Deferred payment - Schuh acquisition

1,490

0.07

7,311

0.31

Gain on lease termination

-

-

(2,118)

(0.09)

Indemnification asset write-off

-

-

7,050

0.30

Change in accounting for bonus awards

-

-

3,575

0.15

Other legal matters

75

-

437

0.02

Network intrusion expenses

1,375

0.06

1,929

0.08

Asset write-down

1,564

0.07

-

-

Gain on sale of Lids Team Sports

(4,633)

(0.20)

-

-

Higher (lower) effective tax rate

(355)

(0.02)

(6,404)

(0.27)

Adjusted earnings from continuing operations (2)

$     98,628

$        4.29

$      112,338

$   4.74

(1) All adjustments are net of tax where applicable.  The tax rate for Fiscal 2016 is 36.8% excluding a FIN 48 discrete 

    of $0.1 million.  The tax rate for Fiscal 2015 is 37.3% excluding a FIN 48 discrete item of $0.1 million. 

(2) EPS reflects 23.0 million and 23.7 million share count for Fiscal 2016 and 2015, respectively,  which includes common stock 

     stock equivalents in both years.

The Company believes that disclosure of earnings and earnings per share from continuing operations adjusted

for the items not reflected in the previously announced expectations will be meaningful to investors, especially

in light of the impact of such items on the results.

 

Genesco Inc.

Adjustments to Reported Operating Income 

Twelve Months Ended January 30, 2016 and January 31, 2015

 Twelve Months Ended January 30, 2016 

 Operating 

Adj Operating

In Thousands 

 Income 

 Other Adj 

Income

Journeys Group

$   126,248

$           -

$      126,248

Schuh Group*

19,124

1,490

20,614

Lids Sports Group

17,040

-

17,040

Johnston & Murphy Group

17,761

-

17,761

Licensed Brands

9,236

-

9,236

Corporate and Other

(38,158)

7,893

(30,265)

Total Operating Income

$   151,251

$      9,383

$      160,634

*Schuh Group adjustments include $1.5 million in deferred purchase price payments.

 Twelve Months Ended January 31, 2015 

 Operating 

 Bonus Adj 

Adj Operating

In Thousands 

 Income 

 and Other 

Income

Journeys Group

$   114,784

$      4,919

$      119,703

Schuh Group*

10,110

7,311

17,421

Lids Sports Group

48,970

-

48,970

Johnston & Murphy Group

14,856

25

14,881

Licensed Brands

10,459

-

10,459

Corporate and Other

(31,913)

3,016

(28,897)

Total Operating Income

$   167,266

$    15,271

$      182,537

*Schuh Group adjustments include $7.3 million in deferred purchase price payments.

 

Genesco Inc.

Adjustments to Forecasted Earnings from Continuing Operations

Fiscal Year Ending January 28, 2017

In Thousands (except per share amounts)

High Guidance

Low Guidance

Fiscal 2017

Fiscal 2017

Forecasted earnings from continuing operations 

$     98,841

$       4.71

$   96,492

$       4.60

Adjustments:  (1)

Asset impairment and other charges

3,957

0.19

4,273

0.20

Adjusted forecasted earnings from continuing operations (2)

$    102,798

$       4.90

$ 100,765

$       4.80

(1) All adjustments are net of tax where applicable.  The forecasted tax rate for Fiscal 2017 is approximately 36.9% 

    excluding a FIN 48 discrete item of $0.3 million.

(2) EPS reflects 21.0 million share count for Fiscal 2017 which includes common stock equivalents.

This reconciliation reflects estimates and current expectations of future results. Actual results may vary 

materially from these expectations and estimates, for reasons including those included in the discussion 

of forward-looking statements elsewhere in this release. The Company disclaims any obligation to update 

such expectations and estimates.  

 

SOURCE Genesco Inc.



RELATED LINKS

http://www.genesco.com